The inability of farmers to access inputs at the right time coupled with high exorbitant prices of farm inputs and incentives has created good atmosphere for the sustainability of contract farming in Nigeria. This study analysed Livelihood Status of Rice Contract Farmers in Benue State of Nigeria. Sample sizes of 137 rice farmers were selected using multi-stage sampling method. Structured questionnaire was used for data collection. Data collected were analyzed using descriptive statistics such as (frequency, percentages and mean), livelihood status index and factor analysis. The findings revealed that 83.9% of contract rice farmers were male with mean age of 45 years. The mean size of farm land under contract farming and farming experience were 1.3 hectares and 25.5 years respectively. The most perceived benefits accruable from contract farming were contract farming help farmers in diversification of agricultural enterprise ( =4.92) and also improved farmers well-being/livelihood status ( =4.88). Further findings showed that majority of the respondents 79.6% had highly improved livelihood status. The major constraints faced by rice farmers were unforeseen future problem (0.9141), breach of contract by the farmers (0.9038) and delay in payment by the contracting firms (0.9030). It is recommended that more lands should be allocated for contract farming in the study area. Also, contracting firms should speed up the delivery of inputs to rice farmers.